IMMO REFERENCES: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IMMO REFERENCES
Largest movements
- Receivables within one year -€39,066
down €39,066 (-36.7%), from €106,508 to €67,441
of which Other amounts receivable: -€38,673
- Tangible fixed assets -€35,252
down €35,252 (-6.5%), from €545,793 to €510,541
of which Land and buildings: -€31,402
- Cash -€19,819
down €19,819 (-9.1%), from €217,657 to €197,839
mainly Debts after one year (-€41,598) and Contributions, distributions and other (-€40,000)
- Reserves -€48,606
down €48,606 (-10.8%), from €449,624 to €401,018
of which Distributable reserves: -€40,000
- Debts after one year -€41,598
down €41,598 (-22.9%), from €181,630 to €140,032
- Financial income +€37,322
up €37,322 (+117.8%), from €31,673 to €68,995
- Gross operating margin +€25,148
up €25,148 (+38.4%), from -€65,484 to -€40,336
- Depreciation -€11,923
down €11,923 (-24.9%), from €47,912 to €35,988
- Taxes +€9,122
up €9,122, from -€8,437 to €685
- Financial charges -€3,230
down €3,230 (-30.7%), from €10,519 to €7,289
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €906,406 | €812,873 | -€93,534 | -10.3% |
| Fixed assets | 21/28 | €578,630 | €543,378 | -€35,252 | -6.1% |
| Tangible fixed assets | 22/27 | €545,793 | €510,541 | -€35,252 | -6.5% |
| Land and buildings | 22 | €482,052 | €450,650 | -€31,402 | -6.5% |
| Furniture and vehicles | 24 | €63,741 | €59,891 | -€3,850 | -6.0% |
| Financial fixed assets | 28 | €32,837 | €32,837 | = | 0.0% |
| Current assets | 29/58 | €327,776 | €269,494 | -€58,282 | -17.8% |
| Amounts receivable within one year | 40/41 | €106,508 | €67,441 | -€39,066 | -36.7% |
| Trade receivables | 40 | €394 | €0 | -€394 | -100.0% |
| Other amounts receivable | 41 | €106,114 | €67,441 | -€38,673 | -36.4% |
| Cash at bank and in hand | 54/58 | €217,657 | €197,839 | -€19,819 | -9.1% |
| Deferred charges and accrued income | 490/1 | €3,611 | €4,214 | +€603 | +16.7% |
| Total equity and liabilities | 10/49 | €906,406 | €812,873 | -€93,534 | -10.3% |
| Equity | 10/15 | €628,843 | €576,664 | -€52,179 | -8.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €449,624 | €401,018 | -€48,606 | -10.8% |
| Tax-exempt reserves | 132 | €109,282 | €100,675 | -€8,606 | -7.9% |
| Distributable reserves | 133 | €340,342 | €300,342 | -€40,000 | -11.8% |
| Profit (loss) carried forward | 14 | €160,627 | €157,055 | -€3,572 | -2.2% |
| Provisions and deferred taxes | 16 | €45,065 | €40,214 | -€4,851 | -10.8% |
| Provisions for liabilities and charges | 160/5 | €45,065 | €40,214 | -€4,851 | -10.8% |
| Environmental obligations | 163 | €45,065 | €40,214 | -€4,851 | -10.8% |
| Amounts payable | 17/49 | €232,498 | €195,994 | -€36,504 | -15.7% |
| Amounts payable after more than one year | 17 | €181,630 | €140,032 | -€41,598 | -22.9% |
| Financial debts | 170/4 | €181,630 | €140,032 | -€41,598 | -22.9% |
| Amounts payable within one year | 42/48 | €47,418 | €53,332 | +€5,913 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €40,596 | €41,598 | +€1,002 | +2.5% |
| Trade debts | 44 | €6,822 | €5,665 | -€1,157 | -17.0% |
| Suppliers | 440/4 | €6,822 | €5,665 | -€1,157 | -17.0% |
| Taxes, remuneration and social security | 45 | - | €6,069 | +€6,069 | |
| Taxes | 450/3 | - | €6,069 | +€6,069 | |
| Accrued charges and deferred income | 492/3 | €3,450 | €2,631 | -€819 | -23.8% |
| Non-recurring operating income | 76A | €2,043 | - | -€2,043 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,912 | €35,988 | -€11,923 | -24.9% |
| Other operating charges | 640/8 | €1,834 | €1,714 | -€121 | -6.6% |
| Non-recurring operating charges | 66A | - | €14 | +€14 | |
| Gross operating margin | 9900 | -€65,484 | -€40,336 | +€25,148 | +38.4% |
| Operating profit (loss) | 9901 | -€115,230 | -€78,052 | +€37,178 | +32.3% |
| Financial income | 75/76B | €31,673 | €68,995 | +€37,322 | +117.8% |
| Recurring financial income | 75 | €31,673 | €68,995 | +€37,322 | +117.8% |
| Financial charges | 65/66B | €10,519 | €7,289 | -€3,230 | -30.7% |
| Recurring financial charges | 65 | €10,519 | €7,289 | -€3,230 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | -€94,075 | -€16,345 | +€77,730 | +82.6% |
| Transfer from deferred taxes | 780 | €4,851 | €4,851 | = | 0.0% |
| Income taxes | 67/77 | -€8,437 | €685 | +€9,122 | |
| Profit (loss) for the period | 9904 | -€80,787 | -€12,179 | +€68,608 | +84.9% |
| Transfer from tax-exempt reserves | 789 | €8,606 | €8,606 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,180 | -€3,572 | +€68,608 | +95.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.